Vietnam is perhaps not the first country that comes to mind when thinking about progressive technology ecosystems but the conditions are now becoming increasingly poised for spectacular growth in the tech sector. This sleeping giant has been quietly flying under the radar for the last few years and is now starting to make a rumble on a global scale.

Growth

In 2017 the population was estimated to be around 95 million. Of this amount it was reported that 50.05 million used the internet whilst 42.18 million were mobile internet users. This number is expected to hit around 51.3 million by 2020.

Vietnam continues to see an impressive 6-7% increase YoY of economic growth and is currently one of the fastest growing economies in the world. If this current trajectory continues then by 2050 Vietnam could enter the top 20 largest economies globally. The YoY GDP increase can be seen below:

With this increase in yearly GDP comes a matched ambition by the Vietnamese government who are aggressively promoting small businesses. The deputy prime minister Vuong Dinh Hue went on record in 2017 when he declared that the government’s aim was to increase the number of businesses operating from 500,000 to one million by 2020.

This increase in GDP has also seen an increase in overall wealth meaning better living conditions, education and a new generation of tech savvy and ambitious young millenials and gen-z.

Eddie Thai, a 500 Startups partner, commented on the evolving ecosystem in an interview on SCMP. He states that “In [other parts of] Southeast Asia including Singapore and Malaysia, start-up ecosystems have matured,” Thai said. “Vietnam in turn, has risen in prominence due to its strong economy, demographics, and talent.”

Of the current talent he adds: “Vietnam currently has around 250,000 engineers, the number of tech jobs having doubled over the last three years,” he said, adding that Vietnam’s IT labour costs are about 40 per cent less than in China and India.

Startups in general have seen an impressive increase of funding over the last 5-10 years as can be seen in the chart below.

The Chinese Influence

A major contributing factor to this growth is the trade tensions between US and China. The Vietnamese government has managed to position the country to be seen as a major player in the manufacturing and export business.

China has been instrumental in this growth and the BBC recently reported that this could be due to the sanctions imposed to the US. However, China has long been taking advantage of Vietnam’s cheaper labour as can be seen by the direct investment into the country below:

The BBC also reported that in the first four months of 2019, Chinese investment into Vietnam has already reached about 65% of the total for 2018. So this growth is set to long continue.

Law firm Baker & McKenzie stated that “many companies were investing in production outside of China, particularly in South East Asia, before the current trade conflict but the recent trade friction has simply accelerated this evolution.”

Mobile Payment Growth

Vietnam is the world’s fastest growing country for mobile payment users, VNExpress have reported.It has seen more growth than any other country this year for people using their mobiles to make payments and is ranked 24% higher than their next nearest competitor in terms of growth, which was the Middle East at 20%. Year on year the increase has been 61%.

In January it was announced by the Vietnamese government that they want cashless transactions for all household bill payments by the end of 2019. According to VNExpress the government has recommended that “establishments prioritize mobile payments and payment via card readers, and requested that the task be completed before December this year.”

Nghiem Thanh Son, deputy director of the Department of Payments at the State Bank of Vietnam (SBV), has stated that “”Mobile payment is becoming a new trend with the rise of technologies such as QR codes, contactless payments, and the tokenization of card information”.

ExchangeWire reported in 2018 that 65% of Vietnam’s population made payments via their apps at least once. The average consumer also spends USD$62 (£46.01) online, and this figure is projected to climb to USD$96 (£71.25) by 2021.They also report that on average users are spending 2.5 hours on their mobile phones everyday.

Embracing 5G

Although 4G was launched in 2009, it wasn’t until 2016 that the Vietnamese government issued licenses in the 1800-MHz and 2600-MHz to mobile network operators. CIO report that as a result of this Vietnam’s advanced mobile network now reach about 96% of the population, providing 51.2 million users with 3G coverage and 13 million with 4G. The average speed is 21.49 Mbps which is faster than the US and second to Singapore who have the fastest in the world.

With this in mind Denis Brunetti, President of Ericsson Vietnam, has been looking forward towards what he calls “Vietnam’s Industrial Revolution 4.0”. He states that “The concept of ‘Industrial Revolution 4.0″ will change the way Vietnam manufactures and designs products. Based on the power of big data, high computational capacity, artificial intelligence and analysis, Industry 4.0 carries the mission of digitizing completely the manufacturing industry.”

He continues “We are confident that the pioneering countries on the 5G road will have a competitive advantage in the global market because their multidisciplinary digital transition is being pushed more aggressively. The industries that benefit the most from 5G are those that can take advantage of 5G’s high speed, low latency, and high reliability to increase efficiency, improve quality and safety, or create create innovative products or services.”

Ericsson’s 5G Trade Report estimates that telecom operators in Vietnam will have the opportunity to earn $ 3.17 billion in revenue when using 5G technology to solve the problem of digitizing industry.

Ideal Conditions

Taking the above factors into consideration it comes as no surprise that there is an increasing amount of investment pouring into Vietnam. All of these moving parts culminate in a perfect environment for growth, particularly in the technology sector.

The rising GDP and economic growth are bringing in new wealth allowing the population to have access to better education and a higher quality of life. With this comes a better connected populace who have access to smartphones with the second fastest mobile network globally.

All of these key aspects of the current ecosystem are further enhanced by a government that is aggressively encouraging the growth of small and medium businesses to thrive and evolve within this exciting new paradigm.

The blockchain concept was originally associated with the financial world, where it is primarily applied as a brilliant solution for digital currency. However, by observing the current evolution of the modern industry, one can see that there are numerous other use-cases emerging in non-financial sectors that have the potential to revolutionize their industries and the world at large as we know it now.

The following sections focus on how some of the disruptive technologies of the 21st century will benefit from blockchain integration.

Swarm Robotics

Inspired by insects, birds and other animals that do swarming, swarm robotics refers to large amounts of mostly identical robots that collectively work on specific tasks.

The main advantages are high adaptability to different environments and tasks, robustness to failure and scalability. Some of the examples include targeted material transportation, where swarms of robots carry heavy objects, medical applications, where nanobots are used for distributed sensing tasks inside the human body, agricultural tasks, military applications and many more.

One of the major challenges of swarm robotics is the security of the devices, as just one malicious member could be a threat to the mission`s goals. The main aspects of security in swarm robotics are data confidentiality, data integrity, entity authentication and data origin authentication.

A blockchain framework for the communication between swarm members could be the solution for securing the network and overcoming vulnerabilities, attacks and data breaches.

Frameworks have been proposed, where a private key and public key are assigned to each swarm member. The public key then serves as main accessible information for each member in the swarm network, whereas the private key would be the secret information, used to validate individually the agent`s identity and intended operations. Single robots then can only access publicly shared information that has exclusively been assigned to them. On the contrary, by using digital signature cryptography, single robots can use their private key for signing messages, and therefore proving their authorship.

Swarm robotic systems have the capability to sense information from multiple viewpoints, and thereby increase the quality and validity of the information obtained. Examples of such applications are dynamic task allocation, collective map building and obstacle avoidance. However, to reach consensus about the object of interest, a global agreement must be achieved.

Traditional distributed decision-making algorithms for large quantities of agents contain some trade-offs such as speed versus accuracy, that could potentially be solved by a more flexible and autonomous blockchain framework. For instance, blockchain-based distributed voting systems could be implemented for a robot swarm to reach agreements.

Internet of Things

Internet of Things (IOT) is expected to transform many industries and generate enormous economic benefits in the future. Enhanced connectivity, increased productivity and efficiency as well as cost-effectiveness are just a few of the advantages it can offer. However, besides its massive potential, security, privacy and trust level are real concerns.

As interconnectability is the main selling point of IOT solutions, it also opens more options for hackers to gain access to private data or full control over IOT devices. The consequences could be stolen confidential data and identities, hijacking of app-connected cars, etc.

Just recently, a hacker manged to gain full access to the vehicle-monitoring apps iTrack and ProTrack. He was then able to monitor the location of the car, access the drivers’ private information and could have even killed the engine remotely.

Devices like smart fridges, DVRs and other IOT-devices also often become targets for hackers, leveraging on the collective computing power of the devices to execute distributed denial of service (DDoS-) attacks on websites or dynamic domain name service providers, thereby shutting down batches of websites at once.

Even if blockchain can solve some of these issues, it would more likely act as an addition to the overall network security, that will still depend strongly on firewalls, encryption and other authentication mechanisms.

Overall, the applications of IOT and Blockchain are immense and especially promising in the context of network security, privacy and autonomous inter-device payments. Blockchain will also enable an overall more resilient ecosystem for devices by preventing single points of failure by its decentralized nature.

Besides the security advantages of a decentralized ledger, the capability of keeping all transactions of an IOT network on a trusted ledger could come in handy for compliances and regulatory requirements of Industrial IOT (IIOT).

The primary idea behind the digital twin is the real-time representation of a physical system in virtual space. This can be achieved by a continual data collection of the physical device using sensors and data exchange between the physical and virtual part of the digital twin. This allows for simulations, in-depth process analysis, predictions, optimizations and explorations of the system without the necessity of interacting with the physical system itself.

Another critical advantage of the digital twin concept is the ability to share and exchange data between virtual twins to further optimize processes. This has already been realised in some cases as a global network of hundreds of machines that each have their digital twin and in case of an error, the information will be shared with all the other machines.

Consequently, the other machines can then adjust certain settings to prevent the error from occurring again. In environments like these, where large amounts of often confidential data are being exchanged, an underlying blockchain layer would guarantee the security of the network as well as the authenticity of the data. Messages between digital twins could be implemented similar to already proven financial blockchain transactions.

In addition, the intrinsic transparency and trustless nature of blockchain coupled with the sensor data of the devices, would enable an authentic, unmanipulable and trackable protocol of the device, which could be interesting for logistics, counterfeit protection and insurance.

Artificial Intelligence

Artificial Intelligence (AI) offers intelligence and decision-making capabilities for machines similar to humans to learn and adapt based on data collected.

Blockchain, on the other hand, can be used to store and transmit data in a decentralized, trustless, anonymous and secure manner. Combining these two technologies can lead to some ground-breaking innovations.

Artificial Intelligence is being used in a variety of applications and products nowadays. Major platforms like YouTube, Netflix, Amazon and many more are using AI algorithms to analyze collected data from their users to precisely compose personalized recommendations.

Other applications include smart cars, prediction, fraud detection, face recognition, manufacturing and the list goes on. What most of them have in common is the necessity to collect, store and analyse enormous amounts of data to achieve the best results. This, however, is extremely expensive and the traditional methods of storing data are rarely secure enough, which leads to frequent data breaches.

Blockchain technology offers encryption of the private information and could be used to access the data with the correct private key only. This reduces the amount of data that needs to be secured to a few kilobytes and therefore immensely reduces the costs of data collection, -storage and -analysis.

The immutability of Blockchain in AI applications also plays an important role, as it prevents intentional or unintentional manipulation of the data. Researchers at the interface of AI and Blockchain are currently working on solutions to allow AI to work with encrypted and therefore unexposed data, which will further increase its use-cases and future potential.

By leveraging the advantages of different fields and innovations, new business models and solutions will evolve, providing competitive advantages and flexibility for many industries.

With Bitcoin, the concept of blockchain was created approximately 10 years ago and it could be speculated that not even its inventor Satoshi Nakamoto anticipated the myriad of applications that could benefit from it.

Let us now look 10 years into the future and think about how all these disruptive technologies will lead to unforeseeably revolutionizing inventions and new ways of living. What an exciting time to be alive!

An innovative technologies enthusiast, Josef enjoys understanding the newest trends in technology and exploring new potential applications. Visit team page.

]]>Attack of the White Hat Hackshttps://redfoxlabs.io/attack-of-the-white-hat-hacks/
Fri, 10 May 2019 11:22:03 +0000https://redfoxlabs.io/?p=1489The post Attack of the White Hat Hacks appeared first on RedFOX Labs.
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New Partnership Cements RedFOX Labs’ Dedication to Cybersecurity

Every minute of every day, cyber networks are under attack. Shady creepers arealwaystrying to break into someone else’s infrastructure.

And on the blockchain — one of the world’s most scammer-ridden environments — network security is critical to survival.

Attackers only have to win once in order to wreak devastating havoc on a blockchain network.

In American Football, there’s a saying that goes, “the best offense is a strong defense.” And in the 24/7 game of cybersecurity, those same words ring true.

At RedFOX, our blockchain is our most precious asset. And after scouring the blockchain for a team capable of keeping our network safeguarded, we’re proud of our new collaboration with cybersecurity firmHacken.

So, why Hacken? The answer boils down to a fancy acronym: BSaaS. You see, in our quest for a solid partnership, Hacken’s Blockchain Security as a Service ticks all the right boxes.

Hacken’s Cybersecurity Ecosystem

Every time RedFOX builds anotherblockchain-powered venture, 1,000s of lines of code — tens and hundreds of thousands of characters — see the warm glow of a developer’s monitor.

Now, if but one line of that code contains an error, the castle’s drawbridge may be left wide open to invading marauders.

And building a moat around our digital castle is why we’re now partners with Hacken. The firm’s specialty is repairing vulnerabilitiesbeforeblack hat hackers know they exist.

Hacken also hosts live, client-specific hackathons to target exploits. We’ll soon see an event in which ethical hackers do their best to bust into the RedFOX blockchain.

Any successful breaches tell us exactly where to concentrate our security efforts. The experience is priceless and delivers unparalleled peace of mind.

Mutual Appreciation

Every relationship benefits when both parties maintain a mindset of giving. In that vein, we’re providing Hacken — as well as its customers — with open-source access to RedFOX products and services.

We’re firm believers in teamwork and the concept of paying things forward. As RedFOX and Hacken make discoveries and facilitate blockchain innovations, it’s not our place to horde them for ourselves.

Looking ahead, should Hacken feel the need to add a RedFOX creation to its data-security ecosystem, we’re happy to share.

Wrapping Up

As the world gets thirstier and thirstier for data, more and more fraudsters emerge from the shadows. And the word on the street is that in cryptoland, there are plenty of coins and tokens up for grabs.

The blockchain is a hazardous environment in which it’s critical to exercise extreme caution in any business dealings.

RedFOX Labs, not wanting to go it alone, sought an ally. Through our new partnership with Hacken, we now have a companion to help us navigate the treacherous road to blockchain mass adoption.

Hacken provides RedFOX with a virtual army of skilled, ethical hackers who can protect our network — as well as the systems of the companies we build — from blockchain baddies.

RedFOX Labs, Southeast Asia’s first blockchain venture builder takes security extremely seriously. Komodo has always had security as its first pillar and we extend that pillar as we use the same core tech.

As we build enterprise level solutions we need to ensure that our code is audited and secured and that all APIs are pen tested and checked for vulnerabilities. Identifying a long-term security partner became a strong priority to secure the long term value we are creating.

We searched far and wide for a cybersecurity firm that could partner with us for all of the companies that we build and for all of the products that we release. We believe that nobody in the blockchain space has a better reputation for security excellence than Hacken.

Today we start what we hope is a long term partnership to protect us and our partners against the dangers of running a business on blockchain technology.

This is one of our first mainstream partnerships and highlights our focus and dedication to ensuring our end users are safe and secure when interacting with any RedFOX Lab commissioned product or service.

Every company that deals with sensitive data should ensure its privacy and secure storage management. “Hacken is honored to work alongside RedFox Labs as they develop their very own vibrant blockchain business ecosystem.” Hacken will utilize forward thinking cybersecurity best practices to provide Komodo with the highest quality of applications secure code review.

Hacken is a global cybersecurity consultancy firm. It provides a wide range of cybersecurity services such as security assessment, deep-dive penetration testing, bug bounty as a service, and secure code review.

In return for protecting the interests of RedFOX Labs end users, we will provide Hacken with opensource access to products and services which may be of benefit to the users and customers of Hacken.

We truly believe in building two-way relationships and ensuring benefits are gained by all involved as we share a vision of realizing safe and secure blockchain mass adoption.

There is a popular saying amongst entrepreneurs that Revolut, Stripe, Amazon – these business ideas have all been thought of a million times.

The people behind those original ideas lacked the vision and capability to execute – except of course Nikolay Storonsky (founder of Revolut), the Collison brothers (founders of Stripe) and Jeff Bezos. Ideas aren’t what make people rich and build successful companies, it is the nurturing of these ideas and the ability to execute in working with like minded and driven individuals.

To ensure great business ideas are able to break through that first layer of dirt and receive glorious enriching sunlight and water, we are seeing the proliferation of what is called a Venture Builder, or Tech Studio, or Start-up Studio, or any combination of those words really.

The most brilliant minds come together in an open plan office, with whiteboards and beanbags, and often a well stocked fridge. The key strength of these Venture Builders are the network effects of many intelligent entrepreneurs, working on many exciting ideas at once.

What this creates is a constant atmosphere of growth and evolution. Once a good idea is developed and applied to a particular problem, there are often applications for that idea for another startup idea within the foundry, with further iterations and evolutions contributing to the end goal of productisation.

Importantly, Venture Builders should not be confused with traditional VC funding or incubators – which are not as hands on. Andreessen Horowitz, for example, will simply invest in an early stage business and let them get on with it. A Venture Builder will build an organisation from within on the back of an idea and develop the business themselves.

Venture Builders will often have a theme as well. Companies or Individuals chosen to take part in the process will be selected based on very strict selection criteria and must be related to a certain technology, like Blockchain for example.

Evolution of an idea

A typical evolution of an idea would look like this:

Great idea – How has it been done before and by who? How do we scale the idea? Is this something that has worked in another iteration in another market in another way? Can we improve upon that idea and scale it according to our target market?

How do we build the team around the idea? – who within the foundry has experience in this area? Have they built a team for a similar product in the past? Who is in their network we can leverage? What disciplines do we need to execute this with pace?

How do we fund the idea? – The Venture builder will take a stake of equity, but also provide connections to other investors and networks of individuals who have previously expressed interest in investing in similar ideas.

Going management of the Business – Venture Builders provide value through operational and strategic nous. They have experience in structuring teams, engaging in market research, product development and other day to day business requirements.

Shared Resources – Venture Builders are able to provide economies of scale across the back office functions of a business, such as Human Resources, Legal, Finance and other Operational functions. Lessons learned across the various ‘seed ideas’ can be applied across the board and scalability is achieved across all the ventures.

RedFOX Labs as a Venture Builder

RedFOX Labs is South East Asia’s first blockchain venture builder. We aim to use our collective experience and expertise to take successful unicorn companies, particularly those in China or the USA, and replicate them for the emerging markets in this region.

RedFOX Labs employs a 9 step funnel process to determine which business to replicate. This ‘RFOX Funnel’ process determines competition, market size, feasibility, market growth potential and determines if there is an actual advantage in using blockchain technology.

This model removes all emotion from the decision making process and relies on hard data collected during the ‘market research’ stage. By using the ‘RFOX Funnel’ we greatly reduce the risk of replicating a business that is not successful.

As an example we could use our research to identify a business opportunity that would rival Netflix which we could call Vietflix. The key differentiator between these two business models is that the user wouldn’t need a credit card or banked to use Vietflix. The content and feel of the application would remain very similar to the original, however you have the ability to pay via a QR code, bought from a local shop, with the transaction being stored on the Komodo blockchain.

Once the model is chose we have 100 days before we enter the market. This phase entails hiring an expert local team, establishing legal structure, product development, testing, marketing and defining target audience parameters. During the 100 days the RedFOX team will be on the ground and actively involved in its execution.

For the following 100 days, the RedFOX team will stay with the team and do post launch reviews, product improvement, customer experience and touch-point mapping, market analysis, design a revised 2-3 year business plan and help the company to raise capital to and expand and scale.

After 200 days the RedFOX team will return to its headquarters to begin the planning of the next business. RedFOX Labs will remain majority equity holders in the businesses we build and occupy seats on the company board of directors.

At RedFOX Labs we have a deep understanding of the role that community plays in creating and establishing a successful long term project. Having had core team members play an integral role in the development of the Komodo community, we have experienced first hand the importance of honesty, transparency and keeping our supporters and investors satisfied and engaged.

It is because of this that we would like to reward those who have supported the team and our vision by airdropping 28% of the total RFOX supply. We believe that a community-centric approach is paramount to our success and this airdrop is our way of acknowledging that.

Are you Eligible for the Airdrop?

We are happy to announce that every individual is eligible for the airdrop, regardless of what stage you bought your tokens. There are no gimmicks, no social media tricks and no competitions. All you will need to do is hold RFOX in your wallet at the time of the snapshot to receive the airdrop.

Airdrop To RFOX Holders

Each monthly airdrop of 28,000,000 RFOX will be divided amongst the RFOX token holders based on how much of the circulating supply an individual holds at the time of the snapshot. This circulating supply will increase month by month as the RFOX is unlocked and released into the market. Therefore each month the 28,000,000 will be divided by a higher circulating supply as the months progress.

There is no minimum and no limit to how many you can hold at the time of the snapshot.

Please see the key highlights for the airdrop below:

– RFOX holders will be airdropped 280,000,000 (28%) of the RFOX total supply (*The rate will vary depending on the circulating supply at the time of the snapshot).

– Airdrops to RFOX holders will begin 12 months after the IEO and vested 28,000,000 (10%) over the following 10 months.

– RFOX snapshot dates have not been announced – stay tuned!

ZEX Airdrop

We also have acquired an equity stake in Zaddex exchange which will become an STO launchpad for SMEs mainly in West Africa but other areas too.

As a thank you to the community that helped mine and test the exchange for the Zaddex team during its development, RFOX would like to repay our gratitude and establish a long term relationship with Zaddex as we will use this platform to launch future projects and provide liquidity for tokens within both the RFOX and KMD ecosystems.

The RFOX to ZEX holders airdrop makes up 4% of the total supply (40,000,000) and the snapshot for this has already occured at a rate of 1:1. Airdrops to ZEX holders will begin the month following the IEO and vesting 10,000,000 (25%) per month for 4 months.

We are pleased to announce that RedFOX Labs will be launching the RFOX Initial Exchange Offering with Coineal Launchpad starting on 14:00 April, 12 (UTC) and ending on 14:00 April, 19.As a top 10 exchange in the world, Coineal is aggressively developing a global layout. It is planned to set up at least 10 sub-stations around the world and hold more than 10 global roadshows in 2019.

Since launching in early 2018, Coineal has established offices in China, Japan, Korea, Russia and Vietnam and have also successfully completed Initial Exchange Offerings (IEO) for several projects.

Their strong regional presence and track record of successful IEO’s makes them the ideal launch pad for RFOX token into the Southeast Asian market.

IEO DETAILS

The RFOX IEO will consist of two rounds with a total allocation of 50 million RFOX tokens available at a price of $0.05 USDT for 1 RFOX. The sale will run from:

After the end of presale, RFOX will be listed on Coineal. Deposit and withdrawals will be available from 14:00 April, 19. With RFOX/BTC and RFOX/USDT trading available on the Coineal exchange from 14:00 April 23 (UTC)

NOTES: – RFOX can be purchased using USDT only – no bonuses available – US residents are not permitted

REDFOX LABS PROJECT HIGHLIGHTS

RedFOX Labs is a blockchain based tech company that identifies and builds successful business models for the emerging markets.

Backed by one of the most innovated open source blockchain projects in the space, we create innovative and scalable solutions to unlock true market potential on the Komodo Platform.

We aim to create leading companies in the e-commerce, e-media, e-travel, ride hailing and logistics areas which account for the fastest growing verticals in the internet economy.

The RedFOX Labs core team is experienced in running disruptive technology businesses and start-ups in Southeast Asia and for multinational companies globally.

RFOX TOKEN UTILITY

Some of the companies that RedFOX Labs creates may not have a need for their own native token and may choose the path of becoming a side-chain and therefore utilising the RFOX token to facilitate transactions and reward miners for processing these blocks.

As RedFOX Labs will build out a number of businesses, the RFOX token will be used as the sole purchasing method for these token generation events. There may be times whereby other tokens or purchasing methods may be accepted but the RFOX token will always provide the best rate of exchange for these purchases.

The RFOX token will be used as a form of payment to contractors, developers, network operators, for security, bug bounties, discounts on certification and many more. The RFOX token will serve as the global currency within the RedFOX Enterprise Komodo ecosystem.

RedFOX Labs will offer discounted rates on consulting services when using the RFOX token.

We are thrilled to announce Kadan Stadelmann has joined RedFOX Labs as our Chief Technical Officer. This reinforces our commitment to driving adoption of Komodo Platform technology.Many of you will know Kadan as CA333 and CTO of Komodo Platform. He has been a key contributor to the project since its inception in late 2016. Prior to his role at Komodo Platform he worked for several projects with a focus IT related security and intrusion detection systems. He has held senior roles with the Tunisian and Austrian governments as well as various open source projects.As a core member of the Komodo team Kadan brings a deep technical understanding of the project, its technology and the specific expertise required to ensure the technical success of RedFOX Labs future projects.

Furthermore his role as CTO for RedFOX Labs means he will be contributing and guiding all upstream development for RedFOX Labs, ultimately strengthening Komodo as an open source project. Joining RedFOX Labs will not change CA333’s position as CTO of Komodo as there are many synergies and benefits that will be realized thanks to his involvement. This allows him continue as a key contributor and senior manager of the open source project Komodo. The addition of Kadan to the RedFOX Labs team compliments the announcement of James Lee (JL777) founder of Komodo platform joining the team as Lead Blockchain Advisor.

Accelerating blockchain adoption in the Middle East and Northern Africa is set to take place, thanks to a newly established Joint Venture (JV) with Kinetic Consulting Services of Dubai and RedFOX Labs.

RedFOX Labs is a blockchain based tech company that identifies and builds proven unicorn business models for the emerging markets of Southeast Asia and now the MENA region.

By creating innovative and scalable solutions to unlock the true market potential on Komodo Platform, as they aim to create market leading companies in the e-commerce, e-media, e-travel and transport and logistics.

“RedFOX Labs had the MENA region earmarked for the future but it seems the demand brings us there sooner than we had expected” Said Ben Fairbank CEO and Founder of RedFOX Labs.

“We are proud to announce that we have established a JV with Kinetic Consulting Services, which allows us to provide blockchain solutions and services throughout the region. We believe the MENA region will be a front-runner in blockchain adoption and the overwhelming request for information is testament to this fact. It was crucial for us to establish a JV with a company that not only has an impeccable reputation but complimentary skill sets that allow us to provide a truly end to end service. The possibilities surrounding the JV are quite impressive”

Research and design has begun for the first few lead projects and the team is busy setting up the RedFOX base in Vietnam. Vietnam was selected as it’s quickly becoming a hub to technlogy startups, and it’s the perfect location to tackle the bustling and emerging markets of the Southeast Asia region.

The team is lead by an experienced team of Australian C Level executives, with global experience in disruptive tech and blockchain, RedFOX Labs is sure to be a hit as they determine which large-scale businesses and industries can be enhanced, by the introduction of blockchain technology.

“Blockchain technology is a hot topic in the MENA region” Said Joe Tawfik, CEO and Founder of Kinetic Consulting Services.

“As a strategic partner of the recently launched Government Experience portal we felt it was time to support the growing demand we have seen for blockchain services. The UAE government continues to support startups that have solutions to enhance citizen/customer happiness. We know that many of these startups are using blockchain to provide new value-creating solutions. By partnering with RedFOX Labs, we will have access to not only amazing technology but an opportunity to provide a more consultative process to blockchain integration and solutions. Both parties are excited and committed to accelerating the adoption of blockchain in the MENA region and this JV allows us to achieve our goal”.

RedFOX Labs will begin the collaboration with Kinetic Consulting Services as early as this month.

Success!

]]>Top 5 Ways Blockchain Disrupts E-Commercehttps://redfoxlabs.io/5-ways-blockchain-disrupts-e-commerce/
Mon, 11 Feb 2019 23:11:54 +0000https://redfoxlabs.io/?p=465Remember the simple rule of technology adoption. “Wherever a monopoly exists, a new technology is introduced and disrupts the industry”. That time is now and here is why. In 2017, anyone invested in Bitcoin or any cryptocurrency would have been forgiven for thinking, ‘this trading game is an easy caper’. Only to see their instant […]

]]>Remember the simple rule of technology adoption. “Wherever a monopoly exists, a new technology is introduced and disrupts the industry”. That time is now and here is why.

In 2017, anyone invested in Bitcoin or any cryptocurrency would have been forgiven for thinking, ‘this trading game is an easy caper’. Only to see their instant wealth be just as instantly retracted in 2018. For those familiar with the Dot Com boom, a downturn of market value in excess of 75% signals the changing of the tide. Most of the big companies at the time lost a considerable amount of their market value as the market lost $5 trillion USD in value. Many did not survive, however the tech did.

A simple google search will reveal many quotes about the authenticity of the internet and it’s ability to substantiate its lofty claims. Many big businesses failed to see how the internet could enhance their offerings and didn’t anticipate the impact it would have. Maybe nobody did in the beginning.

Fast forward to 2019, and we are on the doorstep of another technological revolution. In a world where monopolies reign supreme, many with a reach beyond the familiar brand we use and interact with on a daily basis, take Amazon who has more than 80 subsidiary companies under its umbrella. Amazon along with Facebook are both companies with a total market cap of around 1 Trillion USD each.

How will blockchain disrupt E-Commerce?

There are a number of ways this can be achieved:

Blockchain facilitates micro-transactions with increased speed and at a greatly reduced cost. With several companies like RedFOX Labs of Vietnam, implementing some clever ways to include the under-served and unbanked market in emerging SEA economies.

Decentralisation brings greater consumer control by creating peer-to-peer trading networks and platforms where people can cut out the middle-man, and still trust the transactions they are involved with.

Data protection and privacy have been hot topics over the last few years with numerous data breaches, selling of private information and records and unauthorised use of collected data. The blockchain allows greater control over personal information, account keeping records and data protection and dissemination.

Records of ownership through immutable blockchain records will help to protect product owners and content creators from those trying to profit or benefit from their proprietary offerings.

Rewards and reward points can radically change the way E-Commerce operates. By being able to combine reward points or convert the value to an online market place it can greatly improve loyalty. As it currently stands their is no motivation for people to leave reviews, but now varying forms of rewards can be introduced for intensive product reviews.

These are just a few of the many ways that blockchain technology can change the face of E-Commerce. As more companies adopt the technology, the more use cases will emerge and the evolution of its offerings will continue. This time big business is listening with a myriad of the worlds largest companies looking into and trialling the early technology. This time they won’t let the opportunity get away from them. Make no mistake, blockchain is the next disruptive technology.